16th Jan 2020 13:54
(Alliance News) - Galantas Gold Corp on Thursday said it has been forced to cut costs and lay off more than half of its workers at the Omagh gold mine in Northern Ireland, where blasting operations remain suspended.
Blasting was suspended by the Police Service of Northern Ireland in October. Blasting operations in Northern Ireland must be supervised by police, and in October Galantas said current PSNI arrangements meant that blasting had to be halted.
Galantas said: "The company continues to be in positive discussions with the PSNI. The date when these matters will be concluded is not yet known."
Employee numbers at Omagh have been chopped by more than half to 21 from 46. The majority of the cut backs were made on November 15, Galantas said.
Concentrate production at Omagh has continued, albeit from stockpiled material.
The company affirmed that it is weighing its options at Omagh and may consider selling the asset or finding a joint-venture partner.
Shares in the company, based in Toronto, where it also has a listing, were flat a 1.28 pence each in London on Thursday afternoon.
By Eric Cunha; [email protected]
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